73% of small businesses have grown in past year despite more than half reporting labor challenges, U.S. Bank report reveals
Rob Philion • September 3, 2024
MINNEAPOLIS--(BUSINESS WIRE)-- Almost three quarters (73%) of American small business owners say their business has grown in the last year, with even higher percentages for Black (84%) and Hispanic (80%) owners, according to the U.S. Bank 2024 Small Business Perspective that was released today. The report, which is based on a survey of more than 1,000 small business owners, explores the complex challenges and stressors owners are facing in the 2024 macroeconomic environment, including efforts to retain and engage employees and the impact of artificial intelligence (AI) on operations and job security. The report also includes insights from small business employees to offer a holistic view of the small business landscape.
Read more here at US Bank.com
Understanding Small Balance SBA 7(a) Loans: What Are Your Options?
Small business owners don’t always need $5 million. Sometimes, the right number is $50,000, $150,000, or $350,000. That’s where small balance SBA 7(a) loans come in—a streamlined, powerful way to access capital without the red tape of traditional financing.
At ComCap, we specialize in helping business owners secure these fast, flexible SBA loans—especially when speed, simplicity, or lower credit scores are part of the equation. Here’s a breakdown of the different types of small balance SBA 7(a) loans available today: 1. SBA Express Loans (Up to $350,000)
✅ Fastest Turnaround in the SBA program ✅ Pre-screened by lenders, not SBA (only a partial SBA guarantee ✅ Often funded in 15 days or less
Best for: Working capital, debt consolidation, equipment, or short-term expansion.
Pro Tip: These are the go-to choice for small business owners who need funding fast, and credit scores as low as 600 may qualify with the right revenue or collateral. 2. SBA 7(a) Small Loans (Up to $350,000)
✅ More flexible underwriting than traditional 7(a) ✅ Requires less documentation than full-sized loans ✅ Still gets the SBA’s full guarantee review
Best for: Startups with strong projections, early-stage businesses, or growing firms that don’t need a full million.
Note: The SBA recently removed the requirement for formal debt service coverage, which opens the door for revenue-based approvals even if the net income is negative. 3. Community Advantage Loans (Up to $350,000) (Note: Only available through designated mission-based lenders)
✅ Designed for underserved or disadvantaged markets ✅ Includes technical assistance and mentoring ✅ Lower credit thresholds in some cases
Best for: New businesses, women-owned, minority-owned, or veteran-owned enterprises—especially in low-income areas.
Watch out: This program is phasing out in favor of enhanced SBA 7(a) flexibility, but certain lenders still offer it in 2025. 4. SBA 7(a) Working Capital Loans (Customized to $50K–$350K) ✅ Tailored to business cash flow and gross revenue ✅ Often structured as term loans or revolving lines of credit ✅ Easier closing with limited documentation
Best for: Businesses that need to smooth seasonal dips, buy inventory, or build short-term reserves.
ComCap Insider Tip: These are often revenue-based, meaning you can still qualify with break-even or even slightly negative net income. 5. SBA Lines of Credit (Express LOCs, CAPLines, etc.)
✅ SBA Express LOCs go up to $350,000 ✅ Seasonal, Contract, and Builder’s Lines available ✅ Great for recurring capital needs or contractors
Best for: Contractors, service businesses, and companies with cyclical income that need short-term cash injections. Why Small Balance SBA 7(a) Loans Work
* Lower credit score requirements (some lenders go down to 600) * Minimal or no collateral sometimes acceptable * Monthly payments and long terms (up to 10 years) * Government guarantee reduces lender risk Ready to Apply? ComCap Can Help!
We help small business owners who were told “no” elsewhere. Whether your income is negative, your time is short, or your credit is less than perfect—we find creative ways to get SBA 7(a) funding done.
✅ Approvals based on gross revenue ✅ Loans closed in as little as 15 days ✅ Personal support throughout the process Let’s get your SBA loan done right.
Contact us today or start your pre-approval online at www.comcapventure.com. Tags: #SBAloans #SmallBusinessFunding #WorkingCapital #SBAExpress #ComCap
When small business owners hear “working capital,” many assume it’s just for covering bills — but with an SBA 7(a) loan, it can do much more. In fact, SBA 7(a) working capital is one of the most powerful — and flexible — tools a business can access. At ComCap, we specialize in helping small business owners get approved fast, even with imperfect credit or urgent funding needs. Let’s break down what you can legally and strategically use SBA 7(a) working capital for. 💼 What Is Working Capital? In simple terms, working capital is the cash a business needs to cover its short-term operations. That includes everything from inventory to payroll to paying the electric bill. But the SBA 7(a) loan allows for much more strategic uses too. ✅ Acceptable Uses of SBA 7(a) Working Capital Here’s how you can use SBA 7(a) working capital — legally and effectively: 1. Paying Off High-Interest Business Debt Refinancing expensive short-term debt into a low-rate SBA loan is one of the smartest moves a business can make. This frees up monthly cash flow and lowers financial stress. 2. Purchasing Inventory Need to prep for seasonal demand? Or keep up with large purchase orders? SBA working capital can help you restock, buy in bulk, or take advantage of supplier discounts. 3. Hiring Staff or Covering Payroll Whether you're onboarding a new team or bridging a temporary cash gap, working capital can fund wages, training costs, or new positions. 4. Marketing and Advertising Yes — SBA funds can be used for branding, digital ads, SEO, PR, and even social media campaigns. Marketing is a growth expense, and the SBA supports that. 5. Day-to-Day Operating Expenses Cover utilities, rent, insurance, software subscriptions, and any other ordinary business expenses that keep your business running. 6. Building a Cash Cushion Use funds to establish a rainy-day reserve or improve your company’s liquidity — a smart safety net for unpredictable times. 7. Expansion and Growth Initiatives Need to lease a second location? Launch an eCommerce site? Offer new services? Working capital can fund the early costs of expansion without needing to buy fixed assets. 🚫 What You Can’t Use SBA 7(a) Working Capital For Personal expenses Paying back taxes or IRS liens (unless part of structured plan) Investments or stock purchases Real estate not used for the business Passive income ventures or gambling-related businesses Why This Matters Working capital isn’t just a safety net — it’s a launch pad. Used right, it can drive growth, create breathing room, and make you less dependent on expensive credit cards or merchant advances. And with ComCap’s fast-track approval process, we can help you close in as little as 15 days. 👋 Let’s Talk Have questions about using SBA 7(a) funds for your specific business? We’re available nights, weekends, and holidays. 👉 Contact ComCap today to see if you qualify — even if you’ve been declined before or your credit isn’t perfect.
🌸 Spring Forward: 5 Proven Ways to Boost Your Small Business Earnings This Season The sun is out longer, flowers are blooming, and customers are on the move—spring is one of the most lucrative times of the year for small businesses. But are you capturing all the potential revenue this season has to offer? If your answer isn’t an enthusiastic “YES!”, then now’s the time to pivot, refresh, and supercharge your small business strategy. Whether you’re running a cozy café, a bustling boutique, or a niche eCommerce shop, these five powerful methods can help increase your earnings this spring—and beyond. And guess what? If you’re looking to take your business to the next level, an SBA loan might just be your secret weapon. Let’s dive in. 1. 🌟 Leverage Seasonal Promotions That Spark Urgency Imagine this: a customer scrolls past your Instagram ad and sees “Spring Flash Sale – 24 Hours Only!” They weren’t planning on buying anything today, but now their heart races. They click. They shop. They buy. That’s the power of seasonal urgency. Spring-exclusive promotions are a proven way to drive immediate sales. Use limited-time offers tied to holidays like Mother’s Day or Memorial Day, or run weekly “Spring Savings” events. These strategies tap into seasonal excitement and FOMO (fear of missing out), encouraging quick action from potential customers. 💡 Pro Tip: Pair your promotions with email campaigns and social media countdowns. Bonus points if you offer early access to your email list—building both loyalty and sales! 2. ✅ LIST: Five Quick Upgrades That Can Boost Your Business Earnings This Spring Let’s get tactical. Here are five actionable ways to increase revenue—starting now: Launch a New Product or Service – Spring is a season of renewal. Test a fresh offering to spark customer interest. Revamp Your Storefront or Website – A fresh coat of paint or a sleek UX update can drastically increase foot traffic or conversions. Host a Spring Pop-Up or Event – Collaborate with local businesses to increase exposure and community engagement. Offer Seasonal Packages or Bundles – Combine products/services into limited-time spring bundles for added value. Invest in Digital Ads – Even a modest ad budget can bring huge ROI if targeted correctly during peak seasonal activity. Many of these ideas require upfront investment, which is where an SBA loan can give you the flexibility to experiment and scale. From storefront renovations to marketing campaigns, these funds can unlock the next level of your business growth. 3. 💬 STORY: From Side Hustle to Spring Surge—How One Entrepreneur Did It Meet Jasmine, owner of a plant and home goods shop in Eugene, Oregon. Last year, she noticed her foot traffic skyrocketed every April, but her revenue didn’t follow. She decided to dig deeper. Here’s what she changed: She introduced limited-edition spring planter sets. She used her SBA loan to upgrade her signage, boost inventory, and launch Google ads. She started a “Spring Sunday Series,” inviting local florists to host in-store workshops. The result? A 32% increase in revenue over the spring quarter—and her highest-earning season ever. Jasmine’s story is a powerful reminder that a small shift, backed by the right financing, can create big results. 4. 🤔 FAQ: How Can an SBA Loan Help Me Grow This Spring? We get this question all the time at ComCap Inc., so let’s break it down. Q: What is an SBA loan and how does it work for seasonal growth? A: An SBA loan is a small business loan partially guaranteed by the U.S. Small Business Administration. These loans typically come with lower interest rates and longer repayment terms compared to traditional loans. Spring is a strategic time to use an SBA loan because it allows you to: Stock up on seasonal inventory Hire extra help for peak traffic Launch timely marketing campaigns Upgrade equipment or physical space Need help figuring out if an SBA loan is right for you? Reach out to ComCap—we specialize in matching businesses with the right financing solutions. 5. 💡 ENGAGEMENT: What’s Holding Your Business Back This Spring? Take a moment and ask yourself: What’s the one thing that could unlock growth for your business this season? A new piece of equipment? A storefront makeover? More advertising budget? If you had access to funding, what would you change? Drop your answer in the comments—or better yet, talk to a ComCap advisor who can help you turn that idea into reality. Remember, waiting until summer could mean missing your spring revenue window. 🌱 Spring Is the Season of Growth—Don’t Miss Your Moment Your business deserves to bloom. With the right promotions, upgrades, and a strategic approach to funding—like securing an SBA loan—you can make this spring your most profitable season yet. At ComCap Inc., we specialize in helping small businesses access the financing they need to grow. Whether it’s your first SBA loan or your fifth, our expert team is ready to help you navigate the process and seize this season’s opportunities. 👉 Ready to grow your business? Contact ComCap Inc. today to explore your SBA loan options.
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